Polygon (MATIC) Price Tumbles, Drops 6% in Last Week
• The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks, losing 4% of its value in the last 24 hours and 6% in the last week.
• MATIC has touched the $1.20 price mark and has since registered a freefall in its value.
• The altcoin has breached several important price floors, with the most important being the current $0.74 support line.
The Polygon (MATIC) price has been on a sharp decline in recent weeks, as the altcoin has lost a significant amount of value over the last 24 hours. Over the last 24 hours, MATIC has dropped 4%, while in the last week alone it has lost 6%. The altcoin had previously touched the $1.20 price mark in November, but since then has seen a drastic decrease in its value.
The technical outlook on the coin’s daily chart is bleak, as buyers appear to be nowhere to be found. For MATIC to remain above its current support level, the buying strength of the altcoin needs to increase drastically. Over the past month, the coin has breached numerous key price floors, which has only pushed it further downwards on its chart. The most important price floor currently stands at $0.74, and should this support line be lost, the coin could potentially register a 14% drop in its value.
The market capitalization of MATIC has also been steadily decreasing over the past few weeks, which serves as an indication of the bearishness of the coin. The altcoin is currently trading 74% below its all-time high from one year ago. This has not been a good start to the year for the coin, and it remains to be seen whether it can make a comeback in the near future.